Developing new products today involves a chain of daunting new challenges. They include shorter product cycles, unforeseen competition, mass standardization and more narrowly focused customization. This is disrupting business models across industries, says G. K. Prasanna, a senior vice president at Wipro Ltd. To thrive in this new world, companies must build “innovation prowess,” says George Day, a Wharton marketing professor. The two suggest solutions to innovation challenges in this white paper, part of a Future of Industry series produced by Knowledge at Wharton and sponsored by Wipro.
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